New York, USA, Aug. 17, 2021 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global UAV drone market is projected to register a revenue of $55,649.0 million at a CAGR of 19.9% during the forecast period (2020-2027), increasing from $19,528.6 million in 2019. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: The main driving factor of the growth of the market is the manifold applications of drones by the military and defense sector. The drones are used for different purposes such as surveillance, target acquisition, reconnaissance, intelligence, and carrying aircraft ordnance such as ATGMs, missiles, and/or bombs in targeted points for drone strikes. As drones are controlled remotely, chances of getting caught is almost none. These are the major factors enhancing the growth of the market during the forecast period.
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Restraint: There are many rules and regulations for operating drones which is expected to hinder the growth of the market.
Opportunity: Incorporation of IoT in drone system is going to create many growth opportunities for the market in upcoming years.
Key Segments of the Market
The report has divided the market into different segments based on product, application, end-user, and regional outlook.
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Product: Fixed-Wing Sub-Segment Expected to be the Most Lucrative
The fixed-wing sub-segment surpassed a revenue of $14,177.9 million in 2019 and is further anticipated to grow with a CAGR of 19.7% during the analysis period. The main factor enhancing this growth is that these drones can fly for longer hours compared to other drones, which has increased the demand for fixed-wing drones.
Application: Military and Defense Sub-Segment Predicted to be the Most Profitable
Military & defense sub-segment recorded a revenue of $13,275.3 million in 2019 and is further forecasted to grow at a CAGR of 20.8% in the analysis period. The main factor enhancing the growth of this segment is the increasing adoption of drones by the military & defense sector for performing many different operations.
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End-User: Military Sub-Segment Expected to Raise the Highest Market Share
Military end-user sub-segment recorded a revenue of $13,541.8 million in 2019 and is further anticipated to grow at a CAGR of 19.6% during the forecast period. This growth can be attributed to the applications of drones in military sector such as weather monitoring, surveillance, firefighting, search, and rescue.
Region: Asia-Pacific to Grow at Significant Rate
The Asia-Pacific regional market recorded a revenue of $5,759.0 million in 2019 and is further predicted to dominate the market growing at a CAGR of 21.7% during the forecast period. The major driving factor of this market is the increasing deployment of original equipment manufacturer (OEMs) towards the development of UAV drones. Apart from this, the drones are being extensively used in precision agriculture in the Asian countries. This is the main reason fueling the growth of the market during the forecast period.
Key Players of the Market
• General Atomics
• Northrop Grumman
• Textron Inc.
• SZ DJI
• 3D Robotics
• Aeryon Labs
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
In April 2021, General Atomics (GA) and Commonwealth Computer Research, Inc. (CCRi) announced about the acquisition of CCRi by GA. CCRi is a leader in software engineering and data analytics for delivering real time, global situational awareness to government and commercial customers.
This acquisition is expected to accelerate the delivery of actionable intelligence through the dynamic conversion of data to knowledge.
Impact Analysis of Covid-19 on the Market
As lockdown and restrictions were imposed across nations, governments used drones to survey the affected areas and monitor the movement of people in the densely populated areas. Moreover, many delivery agencies were seen taking help of drones to safely deliver packages in restricted areas. These are the factors that propelled the growth of the market during the pandemic.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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